By Jim Wyckoff

  Of DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybeans closed firmer Tuesday, nearer the session high, supported
by short covering in a bear market. Prices hit a fresh three-week low early.
The key "outside markets" were bullish for soybeans Tuesday, as crude oil and
U.S. stock index prices were higher, while the U.S. dollar was weaker.

  Serious near-term chart damage has been inflicted recently.

  The next upside price objective for the bean bulls is to push and close
November prices above major psychological resistance at $10.00 a bushel. The
next downside price objective for the bears is pushing and closing prices below
psychological support at $9.00 a bushel.

  First resistance for November soybeans is seen at Tuesday's high of $9.67 1/2
and then at $9.75. First support is seen at $9.50 and then at Tuesday's low of
$9.42.

$15.57 1/2 --- the contract high
$10.12 
--- 10-day moving average
$9.82 

 20-day moving average
$9.64 3/4 
 40-day moving average
$6.70 

 the contract low

DECEMBER SOYBEAN MEAL


  December soybean meal on Tuesday closed firmer and nearer the session high
after hitting a fresh three-week low early. Short covering in a bear market was
featured.

  Serious near-term chart damage has been inflicted recently. The bears still
have downside near-term technical momentum.

  The next upside price objective for the bulls is to produce a close above
solid technical resistance at $300.00. The next downside price objective for
the bears is pushing and closing prices below solid technical support at the
July low of $266.90.

  First resistance comes in at Tuesday's high of $287.20 and then at this
week's high of $290.30. First support is seen at $280.00 and then at Tuesday's
low of $278.00.

$399.00 --- contract high
$304.60 --- 10-day moving average
$297.20 --- 20-day moving average
$294.80 --- 40-day moving average
$203.30 --- the contract low

DECEMBER SOYBEAN OIL


  December soybean oil on Tuesday closed slightly higher and near mid-range.
The key "outside markets" were bullish for bean oil Tuesday, as crude oil and
U.S. stock index prices were higher, while the U.S. dollar was weaker.

  But bean oil could not get much traction from the outside markets, which is a
bearish clue.

  Serious near-term chart damage has occurred in bean oil recently.

  Bears still have regained the overall near-term technical advantage.

  The next upside price objective for the bean oil bulls is pushing and closing
prices above solid technical resistance at 38.00 cents. Bean oil bears' next
downside technical price objective is pushing and closing prices below solid
technical support at 35.00 cents.

  First resistance is seen at 37.00 cents and then at 37.50 cents. First
support is seen at Tuesday's low of 36.28 cents and then at this week's low of
36.11 cents.

70.00 --- the contract high
37.75 --- 10-day moving average
36.66 --- 20-day moving average
36.03 --- 40-day moving average
30.00 --- the contract low